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Core Specialty Insurance Holdings Inc. said Monday it has formed a medical stop-loss division by acquiring Standard Life and Accident Insurance Co., the medical stop-loss managing general underwriter unit of American National Group.
Jim Stelling, who most recently served as executive vice president, health insurance and specialty markets groups operations at American National Insurance Co., will join Core Specialty as president of the division.
Core Specialty will acquire 100% of the stock of Standard Life and Accident, in a cash deal that also involves certain reinsurance transactions, the Cincinnati-based specialty insurer said.
League City, Texas-based Standard Life and Accident has about 15 employees and produced over $300 million of gross premium income in 2022. It is American National’s 13th specialty business unit.
The deal is expected to close in the fourth quarter and Standard Life and Accident will maintain its League City location after closing.
American National Group is owned by Bermuda-based Brookfield Reinsurance.